Loan Modification is a word that is thrown around quite liberally these days. In essence, a loan modification is a changing of the original terms of a mortgage note that; may or may not be permanent, may or may not negatively impact your credit, and that may or may not directly reduce the principle amount due on the note.
Everyone should be very wary of companies in the market place looking to "scam" current home owner's who are desperate to keep their home. You should look at the following website, which FHA, HUD, FANNIE MAE and FREDDIE MAC all support: http://www.loanscamalert.org/ .
Most loan modifications can be done by the consumer themselves, if they just have patience. It is a long, arduous process, but in the long run can be very beneficial for the homeowner.
HUD has Loan Counselors to help answer questions you may have and talking to your current mortgage holder is always good idea.
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